Loan cost increases pinch students

According to the Detroit News, students in Michigan have been hit especially hard by the student lending crisis. At Michigan State University, 98% of federal student loan borrowers participated in a program called Michigan Students First. This state run program refunded all fees when students applied for loans and offered a zero percent interest rate after graduates made three years of on-time loan payments. Unfortunately, with the recent student loan meltdown, this program has been suspended, and thousands of students have been left to try and make ends meet. You can read the complete article here.